Field of the Invention
This invention relates to systems and methods for managing customer profile data.
Background of the Invention
The present invention relates generally to computer software, and more particularly to a merchant based method and system for providing product price comparison and other information to a consumer. One aspect of the invention includes a merchant based price matching method and system for providing a redeemable credit to a customer if that customer could have purchased an item for a lesser price at another merchant. Another aspect of the invention is to invite the customers of competitors to use the invention to compare the prices they paid at the competitor with the prices at the merchant.
One problem frequently encountered by merchants is the inability to fully engage with customers and create “customer loyalty” through traditional advertising. Currently, many merchants attempt to gain and retain customers via advertising campaigns that highlight low prices for specific items for a given period of time: a typical “sale” price. This type of advertising campaign works well for shoppers that are interested in that particular item but have little effect on those customers that are not interested in that item.
Therefore some merchants also advertise themselves as being “the low cost leader” or “not being undersold” or “always having low prices” in an attempt to instill within a consumer's mind a positive perception that goes beyond shopping for a specific “on sale” item. This approach to advertising often has negative to mixed results as JCP Penney discovered in 2012 due to customers needing the “on sale” “hook” to bring them into a store.
Merchants need a way to combine both marketing concepts to achieve maximum return on their marketing investments. To accomplish this goal a merchant needs a tangible, interactive system and method of providing “continuing education” to existing and potential customers regarding cost savings that the customer could have obtained had he/she shopped at the merchant instead of at a competitor. It is one thing to advertise that Merchant A is the “low cost leader” but it is quite another to show a consumer, on an item-by-item basis, that the consumer could have saved “X” dollars had they bought all of their items at Merchant A instead of Merchant B.
In addition, a merchant needs an interactive system and method to prove they are the “low cost” leader and thus neutralize any “on sale” incentives offered by their competitors. One such system would incorporate a typical “ad match” guarantee but be entirely online and provide a customer a rebate in the form of a credit that can be used for subsequent purchases. Such a system would create loyalty among customers in several ways. First, the customer experiences exceptional convenience. The customer knows that there is no need to travel to another store to save money or carry sales circulars into a store as proof of a lower sales price. Second, the customer still receives the psychological benefits of participating in advertised “sales” because all “sale” prices are valid at one merchant. Third, the customer receives tangible evidence in the form of a redeemable credit proving that the merchant really “will not be undersold”.
Because such a system and method will be used by the general public it must be simple to use and require minimum input and thought from shoppers, particularly those who do not enjoy shopping and do not have the time to engage in time consuming cost comparisons.